Mumbai (Maharashtra) [India], October 17 : The stock market ended Thursday's trading session on a bearish note, with major indices closing sharply lower.
The BSE Sensex dropped by 494.75 points, or 0.61 per cent, to close at 81,006.61, while the NSE Nifty fell by 221.45 points, or 0.89 per cent, to settle at 24,749.85.
The decline was marked by a broad-based selloff, as only 9 of the 50 Nifty companies recorded gains, while 41 posted losses.
In terms of individual stock performances, Infosys, Tech Mahindra, Power Grid, Larsen & Toubro (L&T), and State Bank of India (SBI) emerged as the top gainers, showing some resilience despite the overall market weakness.
Conversely, Bajaj Auto, Shriram Finance, Mahindra & Mahindra (M&M), Nestle India, and Hero MotoCorp were among the biggest losers, dragging down the indices with significant declines.
VLA Ambala, Co-Founder of Stock Market Today, commented on the ongoing market correction, which has seen the Nifty decline by 6 per cent over the past three weeks.
She said, "In the past three weeks, Nifty has corrected by 6 per cent and may fall further. This drop is being driven by weak global sentiment on India's GDP growth, fiscal deficit, high inflation, rising unemployment, and geopolitical tensions with global economies that have active trade and employment ties with India. However, this correction could offer dip-buying opportunities in stocks that have previously outperformed."
Ambala also suggested that the market downturn might present buying opportunities in certain outperforming stocks.
"After analysing the market sentiments, I would advise investors to remain cautious, particularly in the short term, and follow FPI's stock holdings to plan their strategies accordingly. Notably, in September, Nifty was in an overbought zone," she added.
The market's downturn reflects broader concerns about the economic outlook, both domestically and globally, with investors closely watching factors that could influence market sentiment in the coming weeks.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor